EU posts 49.2-billion-euro current account deficit in 2nd quarter

08:46, October 23, 2009      

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The current account deficit of the European Union (EU) fell further in the second quarter of this year to 49.2 billion euros (73.75 billion U.S. dollars), official figures showed on Thursday.

According to the latest revisions, the external current account posted a deficit of 49.2 billion euros in the second quarter, compared with 76.3 billion euros (114.41 billion dollars) a year earlier and 54.6 billion euros (81.88 billion dollars) in the first quarter of 2009, said the EU's statistics agency, Eurostat.

The surplus recorded in the services account is mainly the result of surpluses in "other business services," which includes miscellaneous business, professional and technical services, financial services, transportation services, computer and information services, partially offset by deficits in travel and royalties and license fees.

Meanwhile, the 27-nation bloc's external balance of trade in services saw a surplus of 17.5 billion euros (26.25 billion dollars) compared 22.6 billion euros (33.89 billion dollars) in the same period of 2008 and 13.1 billion euros (19.65 billion dollars) in the first quarter of this year.

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